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What is a gray bankruptcy?

a gray bankruptcy is a bankruptcy case filed by someone over the age of 65For the first time in a long time, the overall number of consumer bankruptcy filings increased last year, but gray bankruptcies have been increasing in number every year since 1991. A “gray bankruptcy” is the term for a bankruptcy filed by someone over the age of 65, and it’s a growing problem in America that needs more attention.

According to the National Consumer Law Center, people 65 and older have approximately four times as much credit card debt as people 25 and younger. This is not that surprising, if you think about it… Between increasing medical bills and the shrinking of social services, many older adults are experiencing increasing financial hardship.

It does not take much to send most Americans into a debt free-fall – unexpected job loss and medical bills are the two most common causes of bankruptcy cases. Once you have retired, you live on a fixed income, so a sudden large medical bill could result in financial disaster. Older Americans have had to turn to credit cards to simply make ends meet. (more…)

By |2024-05-20T10:59:09-05:00May 20th, 2024|Bankruptcy, Bankruptcy Statistics, Debt, Financial|

Does bankruptcy help with medical debt?

medical debt relief through bankruptcyOne of the most common reasons our clients file for bankruptcy is help with medical debt. A large, unexpected hospital bill can absolutely destroy the finances of most Dallas-area residents.

Out of control debt can be incredibly stressful – especially when bill collectors make aggressive collection calls at all hours of the day. Once the debt spirals out of control, it seems impossible to catch up.

Medical debt is one of the most common reasons for filing for bankruptcy. In a Chapter 7 bankruptcy case, the medical debt is eliminated. In a Chapter 13 bankruptcy, the debt is restructured into a payment plan that lasts several years.

Out of control debt can be terrifying, but there are options available for everyone. It is always best to speak with an experienced bankruptcy attorney, but we will explain as much as we can in this post to give you more insight before you call for your free consultation. (more…)

By |2024-04-30T14:28:43-05:00April 29th, 2024|Bankruptcy, Debt, Financial|

What happens with child support and alimony if you file for bankruptcy?

what happens with child support and alimony if you file for bankruptcy?Unfortunately, bad things can happen to good people. The government created the federal bankruptcy laws for that very reason – to protect people who have lost control of their finances due to unforeseen circumstances. Some of the most common questions we hear from potential clients revolve around child support and alimony – and how a bankruptcy case will affect them.

Child support and alimony are treated differently in a bankruptcy cases because they are not standard debts. If you are thinking about bankruptcy and are wondering how your filing might affect child support or alimony payments, you should call us today at 214-760-7777. Our experienced Dallas bankruptcy attorneys can give you specific answers about your unique financial situation. (more…)

By |2024-04-22T15:26:47-05:00April 22nd, 2024|Bankruptcy, Debt, Financial|

Can you file for bankruptcy more than once in Texas?

how many times can you file for bankruptcyOur bankruptcy attorneys have spent decades helping people in the Dallas area through difficult financial times. It does not take much to cause an uncontrollable downward spiral of debt – job loss, unexpected illness, severe injury, and even divorce can change your financial picture quickly.

Unfortunately, those unforeseen disasters can sometimes happen more than once to the same person. We often hear people ask if it’s allowed to file for bankruptcy more than once, and many people are surprised to hear that it is definitely allowed. There is actually no established limit for how many times you can file for bankruptcy. However, multiple bankruptcy filings can result in different rules and timelines. (more…)

By |2024-03-29T13:42:35-05:00March 29th, 2024|Bankruptcy, Debt, Financial|

What happens to your retirement account when you file for bankruptcy?

how bankruptcy affects retirement accounts in Dallas, TXWhen filing for bankruptcy in the Dallas area, whether under Chapter 7 or Chapter 13, it is crucial to understand how retirement accounts are treated, as this can significantly impact your financial planning and future security. Bankruptcy laws provide certain protections for retirement accounts to ensure that individuals have resources available for their retirement years, despite undergoing financial distress.

Chapter 7 bankruptcy and retirement accounts

In a Chapter 7 bankruptcy, also known as liquidation bankruptcy, a debtor’s assets are sold off to pay creditors. However, most retirement accounts are exempt from this process, since they are safeguarded by federal bankruptcy laws. This means that 401(k)s, 403(b)s, profit-sharing, and IRAs (both Roth and traditional) are protected up to a certain amount. The exemption for IRAs is indexed for inflation and offers significant protection for individuals’ retirement savings. (more…)

By |2024-03-20T14:14:01-05:00March 13th, 2024|Bankruptcy, Debt, Financial|

4 Easy Tips to Avoid Bankruptcy

For many Americans, debt is a way of life. When that debt continues to pile up, many people think that filing for bankruptcy is the only way to solve their financial problems. While bankruptcy can definitely help erase debts and start you on a fresh path,  it’s not always your only option. Many times, your financial situation might not be as hopeless as you think it is.

You should start by looking at your overall debt situation and assessing the status. If you’re not too far gone yet, these four tips can help you reduce your debt load and avoid bankruptcy. They’ll take time and dedication, but with some patience and hard work, you’ll be able to climb out of your financial hole and start over again.

1. Don’t add any more debt

When your debt spirals to the point where you can no longer pay it off, bankruptcy becomes your only option. The trick is to stop the downward spiral before it’s too late. Don’t add any more debt to your current load – no new loans, no new credit cards… nothing. If you need extra money, consider selling a few minor assets instead of taking out a loan or opening a new credit card.

By |2024-03-06T17:05:18-06:00March 6th, 2024|Bankruptcy, Debt, Financial|

Only half of Americans think they can pay off their December credit card bill

Stressed man thinking about credit card bills he cannot payOnly 51% of Americans in a recent survey were confident that they could pay off their credit card bills this month – a big increase from the same time period last year. Every month, LendingTree conducts its Credit Card Confidence Index, and the December 2023 results are the worst since the survey began in September of 2018.

According to the report released last week, a “nationally representative” survey of American credit card holders showed that 49% did not think that they would be able to pay off their credit card bills this month. Only last month, the November survey results showed that only 42% were not confident about paying their bills. The previous low point was set in June 2022. (more…)

By |2024-01-02T12:12:41-06:00December 28th, 2023|Bankruptcy, Debt, Financial, Money Management, Personal Finance|

Why do people delay filing for bankruptcy?

couple stressed out over bills and delaying bankruptcyWhether we are in a recession or not, it is not easy to earn enough to live comfortably in today’s world. You would be surprised to learn how many Dallas-area residents struggle on a monthly basis to simply make ends meed. Adding children or additional vehicle payments to the mix make a difficult situation even tougher. All it takes is one unexpected expense to send finances (and debt) spinning out of control.

Sure, many families put money aside for unexpected expenses, they rarely have enough to cover for whatever might happen. Whether it’s an accident, the sudden loss of a job, an illness, or even a natural disaster, it does not take much to deplete any savings. Before long at all, bills start to pile up and debt starts to grow to uncontrollable levels. (more…)

Your Credit Score: What the Number Really Means (and What It Doesn’t)

Everyone knows that their credit score is important – but most Americans don’t understand how the scores are assessed or affected by their actions. Ideally, you want a credit score in the 700-800 range, but what does that really mean – and how do you get there?

Your credit score is calculated by one of the credit reporting agencies – EquiFax, Experian, and TransUnion. These agencies assign your credit score based on current and historical factors, and the score is an assessment of how likely it is that you’ll repay any debts that you accrue. The majority of the score is related to your past payment history and your current level of debt.

Lenders use your credit score to determine how risky it would be to lend you money. With higher credit scores, your loan terms and interest rates will be much better. If you have a lower score, you’ll be assigned a higher interest rate, since the risk is greater for the lender. If your score is low enough, you may not even be approved for the loan or credit card. (more…)

By |2023-06-01T09:51:08-05:00May 25th, 2023|Bankruptcy, Bankruptcy Myths, Financial, Personal Finance|

US Credit Card Debt Hits All-Time High – What Does That Mean For You?

Credit card debt in the United States hit a record high at the end of 2022, topping out at almost $1 trillion for the first time ever. During the last quarter of the year, delinquencies were growing at a faster and faster rate. The Federal Reserve Bank of New York released data that showed overall balances growing by $61 billion over the last three months of 2022 – with a grand total of $986 billion for Q4. This was the largest increase over a single quarter since the bank started tracking changes in 1999. (more…)

By |2023-12-01T14:54:35-06:00March 20th, 2023|Bankruptcy, Debt, Financial, Personal Finance|
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